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Buyers return to property market

Homebuyers increase for first time in two years

Handing back house keys

Handing back the keys because of repossession worries may not mean the end of your debts 

The number of people looking to buy a property rose for the first time in two years, according to the Royal Institute of Chartered Surveyors (Rics)

The fall in property prices and lower interest rates are behind the increase in those looking to buy. It’s expected that as a consequence the number of sales will also increase in the coming months.

The number of surveyors reporting falls in house prices also dropped. 

Mortgage approvals increase

In October the Council of Mortgage Lenders said that the number of mortgages approved increased to 39,900 mortgages worth £5.5bn. This is 14% more by volume and 10% more by value than during September. The figures are still less than half the level seen a year ago..

However, despite the positive changes the state of the housing market is still bad. Homes lost a further 2.5% of their value in October – the average property price is now £203,539.

Which? has lots of advice and help about finding the best mortgage for you.

For more information about homebuying see our guide to .

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